Sears Holdings Corp. (SHLD) provided an update on its estimated third quarter 2014 performance and financial position and actions to improve its liquidity and business operations.
It currently expect domestic Adjusted EBITDA in the third quarter 2014 similar to 2013, a meaningful improvement in trend compared to the preceding six quarters; Same store sales flat compared to last year's third quarter.
Looking for the third quarter, the company expects net loss attributable to Holdings' shareholders to be between $590 million and $630 million. It expects domestic Adjusted EBITDA to be between negative $275 million and negative $325 million.
Total comparable store sales for the third quarter ended November 1, 2014 declined 0.1%, comprised of an increase of 0.5% at Kmart offset by a decrease of 0.7% at Sears Domestic.
The company currently expects year-end debt (including pension and retirement obligations on an as reported basis) to be materially lower than year ago levels of approximately $5.9 billion, assuming both rights offerings are fully subscribed.
In connection with the previously announced Sears Canada rights offering, as of November 6, 2014, the company has sold a total of 31.58 million common shares of Sears Canada to its shareholders, realizing gross proceeds of approximately $300 million. The 40 million share ($380 million) rights offering closes at the end of business today. For the quarter ended November 1, 2014, the Company will no longer consolidate the results of Sears Canada. As such, the financial position presented in this update does not include Sears Canada.
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